past growth Cooper, Gulen, and Schill (2008) Momentum (R11-1) Mispricing Jegadeesh and Titman (1993) Motivation Explaining Value Data Results Conclusions Data • Refinitiv Datastream to retrieve prices

the same period last year amounted to 358.8 million baht, improved 53.3 percent or 191.1 million baht compared to the same period last year. At the end of year 2018, the Company has conducted on

. Due to the leather business group has continuously improved the production process to reduce production costs and the energy business group has improved the work processes of setting up machinery and

Sales and service income for the six-month period ended June 30, 2018 amounting to THB 250.05 million improved by THB 20.01 million or 8.70% ( 2017: THB 230.04 million) resulting from higher revenues from

million improved by THB 30.54 million or 8.87% ( 2017: THB 344.31 million) resulting from higher revenues from HR solutions but slightly affected by the decrease in revenue from Financial Solutions HR

million Baht, up by 74% from a year earlier was a result of the gross profit plus other income increased by 0.4 million Baht or grew by 0.2%, despite total sales had decreased by 19% due to the improved

years. The company has administrative expenses of THB 14.89 million, decrease of THB 18.48 million or 140.46% compared to the same period of the year earlier, because the company has improved the

which increased from the 2nd quarter of last year but improved from the last quarter mainly due to efficiency of production. 3. Selling and administrative expenses slightly decreased from the same period

to dialysate unit business - one of the Company’s core businesses. This is expected to generate income and profit to the Company, then, makes the Company gain much more improved financial position and

. However, the cost increase was at lower rate than revenue increase. Likewise, 4Q17 hospital cost increased by 10% yoy lower than revenue growth. As a result, gross margin improved to 30% in 2017 from 28